North Lanarkshire house prices dropped slightly in December

House prices dropped slightly, by 0.2%, in North Lanarkshire in December, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 10.2% over the last year.

The average North Lanarkshire house price in December was £139,330, Land Registry figures show – a 0.2% decrease on November.

Over the month, the picture was different to that across Scotland, where prices decreased 2.9%, and North Lanarkshire was above the 0.4% drop for the UK as a whole.

Over the last year, the average sale price of property in North Lanarkshire rose by £13,000 – putting the area seventh among Scotland’s 32 local authorities with price data for annual growth.

The highest annual growth in the region was in the Orkney Islands, where property prices increased on average by 17.7%, to £222,000. At the other end of the scale, properties in Aberdeen lost 4% of their value, giving an average price of £139,000.

The average UK house price was £294,000 in December 2022, which was £26,000 higher than 12 months earlier.

It meant prices increased by 9.8% annually in December, slowing from 10.6% annual growth in November, according to the Office for National Statistics.

First steps on the property ladder

First-time buyers in North Lanarkshire spent an average of £113,800 on their property – £9,800 more than a year ago, and £27,700 more than in December 2017.

By comparison, former owner-occupiers paid £172,200 on average in December – 51.4% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices North Lanarkshire in December – they dropped 0.6% in price, to £77,928 on average. But over the last year, prices rose by 5.9%.

Among other types of property:

Detached: up 0.4% monthly; up 13.5% annually; £290,845 averageSemi-detached: down 0.1% monthly; up 11.4% annually; £155,252 averageTerraced: down 0.3% monthly; up 10.7% annually; £114,812 average

How do property prices in North Lanarkshire compare?

Buyers paid 25.6% less than the average price in Scotland (£187,000) in December for a property in North Lanarkshire. Across Scotland, property prices are low compared to those across the UK, where the average cost £294,000.

The most expensive properties in Scotland were in Edinburgh – £330,000 on average, and 2.4 times as much as more than in North Lanarkshire. Edinburgh properties cost 2.6 times as much as homes in Inverclyde (£125,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in December

North Lanarkshire: £139,330Scotland:£187,224UK: £294,329

Annual growth to December

North Lanarkshire: +10.2%Scotland: +5.7%UK: +9.8%

Highest and lowest annual growth in Scotland

The Orkney Islands: +17.7%Aberdeen: -4%